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Floki Inu and Donald Trump-Linked MAGA See Whale Activity – Why?
- Floki Inu and MAGA have seen a massive increase in interest from whales.
- Both tokens saw an increase in price, however, the network growth for these tokens decreased.
Floki Inu [FLOKI] it has been one of the few tokens in the meme coin industry that has struggled to keep up with emerging trends in the space.
The whales are approaching
However, recently, it has been observed that whales have taken a liking to the meme coin.
Data from Lookonchain revealed that since April 8, a whale has spent 276.4 ETH, equivalent to $863,000, to purchase 4.56 billion FLOKI, valued at $1.1 million at the time of this writing.
In less than two months, the whale made $245,000 on his investment in FLOKI.
The whale also invested in the Trump-based meme coin with the ticker MAGA and made a staggering return of $3.4 million.
Source: X
Whale interest in FLOKI has also been reflected in recent price movement. At the time of writing, FLOKI was trading at $0.0002636 and its price had grown by a significant 16.57% over the past 24 hours.
However, this sudden price increase was not a black swan event. Over the past few weeks, FLOKI price has shown multiple higher highs and higher lows, indicative of a bullish trend.
The velocity of the FLOKI token has shown a high correlation with FLOKI in terms of price movement.
This suggested that how often FLOKI was trading could play a huge role in dictating the price movement.
At the time of writing, the volume at which FLOKI was trading was $660,361,923, reflecting a significant increase of 151.67% over the past 24 hours.
Even as the price of FLOKI has grown, the token’s network growth has slowed. This meant that the number of new addresses interacting with the token had decreased.
This could have a negative impact on the price of the token in the future.
Source: Santimento
The MAGA supporters triumph
Coming to MAGA, the growth of the network also decreased, implying that new addresses were not interested in purchasing the meme coin at the current price.
How many Today they are worth 1,10,100 FLOKI?
Likewise, the speed of MAGA decreased substantially, implying that the frequency of tokens being traded had decreased.
At the time of writing, MAGA was trading at $12.60 and its price had grown by 11.14% in the past 24 hours. FLOKI’s trading volume also increased by 72.31% during this period.
Source: Santimento